Davis Polk & Wardwell has been advising Palm, Inc. in a capital-raising program, including the sale of units of convertible preferred stock and warrants to Elevation Partners in January 2009 and an underwritten public offering of common stock on March 9, 2009. The public offering included 15.1 million shares underlying a portion of the preferred stock sold to Elevation and 11.5 million new shares. The combined proceeds to Palm of the two transactions were in excess of $200 million.

Palm provides mobile products that enable people to stay connected with their family, friends and colleagues, access and share the information that matters to them most and manage their daily lives on the go. Palm recently announced its new Palm Pre smartphone, the first phone to be based on Palm’s new operating system, the Palm webOS mobile platform.

The Davis Polk corporate team includes partners Sarah K. Solum and William M. Kelly and associates Peter M. Lamb, Colin Sturt, Shan Jiang and Patrick Spencer. The tax team includes partner Rachel D. Kleinberg and associate M. Ryan LaRosa. Partner Steven S. Weiner and associate Vishnu Reddy are providing intellectual property advice. Michael Nguyen is the legal assistant on the transaction. All members of the Davis Polk team are based in the Menlo Park office.